Core Insights - The article emphasizes the importance of understanding macro trends and their influence on asset prices and investor behavior [1] - It highlights the significance of central bank policies, sector rotation, and sentiment dynamics in constructing actionable investment strategies [1] Group 1: Professional Background - The author has over 10 years of experience in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The professional background includes advising on and implementing multi-asset strategies, with a strong emphasis on equities and derivatives [1] Group 2: Investment Philosophy - The article advocates for making investing accessible, inspiring, and empowering for all investors [1] - It encourages collaboration among investors to build confidence in long-term investing [1]

电商平台卖卖货，民进党何以惶惶至此？从污蔑大陆手机软件存在"安全隐患"，到危言耸听大陆电 商"扰乱市场""掏空台湾"……民进党声嘶力竭，手段出尽，就是为了继续糊弄台湾民众。民进党所恐惧 的东西十分简单，就是害怕台湾民众通过电商平台了解大陆的真实情况。一方面，大陆电商平台的便捷 与低廉，得益于大陆的高效物流体系、完善供应链条及强大创新能力，这将打破绿营向岛内民众长期灌 输的"大陆贫穷落后"的刻板印象。另一方面，随着两岸电商交流的热络，台湾与大陆的经济联系也将愈 发紧密，这显然是民进党当局所不愿意看到的。 对于普通民众来说，用钱包投票是最真实的。民进党当局就算使出浑身解数，也不可能堵住台湾民众对 网络购物的需求。以更大视角看，中国大陆拥有全球最大的工业产能，大陆商品的性价比难以替代，它 给台湾消费者和企业带来了实实在在的便利和利益。因此，无论民进党如何去堵，大陆商品也最多 是"拐了一个弯来台"，终将抵达台湾消费者的手上。 两岸同胞对美好生活的共同追求、对交流合作的热切期盼，是任何政治操弄都无法压制和阻挡的。民进 党当局希望台湾民众与世隔绝、永受欺骗，这可能吗？ 武川 借由"双十一"，全国网友都在开开心心地网络购物 ...

2021年3月，一则消息砸懵了整个互联网圈：41岁的拼多多创始人黄峥，宣布辞去董事长职务，彻底退 出公司管理层。更炸的是，他要把1000亿美元身家捐出去，全投给教育和科研。 41 岁，正是商界大佬攻城略地的黄金年纪，他却亲手砸碎 "中国最年轻白手起家首富" 的光环，转身当 起 "首善"。这波操作看得众人直呼 "境界太高"，可扒开细节才发现，这哪是单纯的慈善，更像是一场 精准到骨子里的退场。 黄峥的人生，从来都是"算得准"的范本。1980年生在杭州普通工人家庭，父母在流水线干活，他却凭着 数学天赋一路开挂：杭州外国语学校保送浙大竺可桢学院，2002年拿全额奖学金去美国读硕士，毕业时 手里攥着微软、谷歌两份offer。 关键节点上，他永远踩得极准。恩师段永平让他选谷歌，他立刻入职搞搜索算法；2006年李开复邀他回 谷歌中国，他果断回国摸清本土市场；2007年跟着段永平蹭了巴菲特的午餐，回来就辞掉谷歌，放弃即 将兑现的原始股，这魄力，不是冲动，是算准了创业的窗口期。 前几次创业更像"练手"：2007年做欧酷网卖电子产品，做到年入6000万；2010年搞乐其做电商代运营， 赚得盆满钵满；2012年扎进游戏圈，一款手游 ...

言归正传，今天给大家分享一下 2025 年双十一快报。QuestMobile数据显示，2025年双十一基本形成了电商平台、内容平台两分天下的 格局，双方为了实现蓄客，纷纷将开启时间拉长，快手连十一长假没过完就开始了预售，京东、抖音也从10月9日点燃战火，京东今年的 双十一大促周期战线拉长至37天。 与此同步，促销规则简化成为各家都争抢用户的卖点，在"直降、立减"等简化规则的基础上，淘宝、京东结合即时零售，以"分钟级送 达"促单，抖音、快手、小红书等内容电商则以"兴趣激活"、"心智抢占"为手段吸引转化，形成了两种不同的打法。与此同时，AI技术已 经成为了各家APP强化用户体验的标配。伴随着长周期蓄客、简化规则促转化，整个10月份，各家的月活跃用户规模均出现了增长，其 中，抖音APP、京东APP月活跃用户规模同比均增长了14.4%，小红书APP则增长了6.4%。从用户画像上看，双十一期间，京东、小红书 00后用户占比分别为18%、26.1%，同比分别增长了2.7%和2.4%，淘宝、拼多多、抖音的00后用户同比分别增长了1.4%、1.3%、 1.2%……具体各家表现如何？不妨看报告吧。 1、 2025年"双十一"呈 ...

Core Insights - The 2025 Double Eleven shopping festival is characterized by an earlier start and a longer duration, with major platforms extending their promotional periods to attract users [7][10] - E-commerce platforms are simplifying promotional rules to enhance consumer engagement, while content platforms are leveraging user interest to drive conversions [5][10] E-commerce Platform Strategies - JD.com has extended its promotional period to 37 days, while Taobao and other platforms have also lengthened their sales cycles [7] - Major platforms like Douyin and Kuaishou began pre-sales early in October, with Kuaishou starting on October 7 [7] User Engagement and Growth - The early launch of Double Eleven has led to significant growth in monthly active users across platforms, with Taobao's traffic surpassing 1 billion for the first time [8] - In October 2025, the monthly active user growth rates for major apps were as follows: Taobao (3.7%), Douyin (14.4%), Pinduoduo (0.9%), JD.com (14.4%), Kuaishou (3.7%), and Xiaohongshu (6.4%) [8] Promotional Tactics - E-commerce platforms are using simplified promotional strategies such as direct discounts and no minimum purchase requirements to stimulate consumer spending [10] - Instant retail services, like "minute-level delivery," are being introduced by Taobao and JD.com to drive new consumption growth [10] Content E-commerce Performance - Content e-commerce platforms like Douyin, Kuaishou, and Xiaohongshu have seen significant traffic growth on November 11, leveraging their ability to activate user interest and demand [12] User Demographics - The proportion of post-00s users on platforms like JD.com and Xiaohongshu has increased, with JD.com at 18% and Xiaohongshu at 26.1%, reflecting a year-on-year growth of 2.7% and 2.4% respectively [5][15] Technology Integration - AI technology is deeply integrated into the consumer experience across platforms, enhancing user engagement and satisfaction during the shopping festival [14] Market Outlook - The report anticipates a continued evolution in the market landscape, with insights into industry trends and growth strategies for 2025-2026 [19]

随着消费观念日趋理性，叠加电商大促常态化布局，曾以"全民狂欢"标签深入人心的"双十一"，近年屡 屡面临"新意何在"的行业拷问。 在市场竞争从流量争夺转向价值深耕的当下，2025年"双十一"以战线拉长、优惠简化、场景扩容的三重 变化，回应了这份期待。 业内人士表示，今年的大促已跳出传统"低价比拼"，朝着更贴合消费需求、更注重体验感的方向演进。 新机制、新场景撑起消费季 首先，"抢跑"成为今年"双十一"的鲜明特征，大促周期的延长打破了早年"单日狂欢"的模式，升级为一 个长周期的消费季。 《金融时报》记者注意到，各大平台纷纷提前启动大促节点，为消费者预留更充足的决策时间。淘宝天 猫的活动周期从10月中旬延续至11月中旬，京东将大促时段设定为10月9日至11月14日，拼多多则以10 月16日至11月11日的近一个月时长覆盖消费需求。 "拉长战线"的布局，在缓解了物流与服务压力的同时，也顺应了理性消费群体"货比三家"的购物习惯。 金融助力"双十一" 9月1日，《个人消费贷款财政贴息政策实施方案》正式落地，政策红利也在"双十一"消费旺季迎来集中 释放。 从日常餐饮到大宗家电，即时零售的品类覆盖持续拓宽。例如，消费者在淘宝 ...

特朗普政府计划扩大食品关税豁免范围。据《纽约时报》，三位知情人士透露，特朗普政府正在准备对 某些关税实施大范围豁免，以缓解美国消费者因高企的食品价格而产生的焦虑。这一变化将适用于特朗 普4月宣布的某些对等关税，包括来自尚未与政府达成贸易协议的国家的产品。预计豁免将包括牛肉和 柑橘类产品。 欧盟据报加快打击中国电商小额包裹，拟提早明年初征税。 多位美联储官员发表鹰派言论，对通胀表示担忧，并对未来降息持谨慎态度。其中克利夫兰联储主席哈 玛克直言，通胀将在未来2-3年内高于2%的目标，美联储需要维持政策的限制性；美联储卡什卡利表 示，他并不支持上月降息，对12月决策持观望态度；戴利称现在断言12月一定会降息或不会降息还为时 过早，对此持开放态度。 美股方面，三大指数全线下挫，道琼斯指数跌1.65%，标普500指数跌1.65%，纳斯达克综合指数跌 2.29%。 大型科技股普跌，特斯拉跌超6%，英特尔跌超5%，AMD、甲骨文跌超4%，英伟达跌超3%，亚马逊、 谷歌跌超2%。 热门中概股多数下跌，纳斯达克中国金龙指数收跌1.59%。百度跌超6%，哔哩哔哩跌超4%，小鹏汽 车、蔚来跌超3%。 | | | 隔夜美股概览 | ...

Core Insights - The interview with Duan Yongping emphasizes the importance of simplicity and understanding in investment, advocating for a focus on businesses that are comprehensible and trustworthy [2][3]. Background and Personal Philosophy - Duan Yongping's upbringing in a challenging environment instilled a sense of security and independence, allowing him to make decisions without excessive pressure [4][6][11]. - His parenting style mirrors his own upbringing, prioritizing safety and autonomy for his children [8][10]. Business Decisions and Trust - Duan Yongping left the successful company Xiaobawang due to trust issues regarding unfulfilled promises, highlighting the significance of trust in business relationships [16][18]. - The culture at his subsequent company, Bubugao, was built on mutual trust and clear communication from the outset, avoiding the pitfalls he experienced previously [20][22]. Investment Philosophy - The principle of "buying a company when buying stocks" is central to Duan Yongping's investment strategy, emphasizing the need to understand the business and its future cash flows [32][33]. - He has invested significantly in companies like Apple, Tencent, and Moutai, citing their strong corporate cultures and user-oriented approaches as key factors in his decisions [40][44]. Views on AI and Technology - Duan Yongping views AI as a significant industrial revolution but warns of accompanying bubbles, suggesting that while AI can create GDP growth, it may also lead to job reductions in certain sectors [49][62]. - He recognizes the strength of companies like NVIDIA and TSMC in the AI and semiconductor industries, indicating their pivotal roles in future technological advancements [50][51]. Management and Leadership - Duan Yongping's decision to step back from daily management reflects his trust in his team and a belief that they can perform better than he could [53][54]. - He emphasizes the importance of a founder's ability to let go of control, which is often a challenge for many entrepreneurs [56]. General Advice on Investment - For those unfamiliar with investing, Duan Yongping advises against participation unless they have a solid understanding, recommending index funds as a safer alternative [70]. - He cautions against the allure of quick profits seen in others, stressing the difficulty of making money in stock trading for most retail investors [68].

Industry News - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy, aiming for significant improvements in reliability and market competitiveness by 2030 [2] - The Ministry of Industry and Information Technology reported that over 600,000 technology and innovation-oriented SMEs have been cultivated in China, with more than 140,000 specialized and innovative SMEs [5] - The Ministry of Industry and Information Technology is seeking public opinions on the management measures for the printed circuit board industry, emphasizing the need for technological advancement and quality improvement [10] - The Ministry of Education has outlined plans to establish a comprehensive technology education system in primary and secondary schools by 2030, enhancing practical skills and interdisciplinary teaching methods [11] - The State Post Bureau reported that from October 21 to November 11, the national express delivery companies collected 13.938 billion packages, with a daily average of 634 million, indicating a significant expansion in the express delivery market [12] Company News - Haibo Sichuang has signed a strategic cooperation agreement with CATL to procure a total of no less than 200 GWh of electricity from 2026 to 2028 [16] - Century Huatong plans to repurchase between 500 million to 1 billion yuan of its shares for cancellation [16] - Changrong Co. intends to establish a controlling subsidiary to cooperate in the construction of a 100 MW photovoltaic power station [16] - CATL has begun mass production of its fifth-generation lithium iron phosphate battery products [16] - Shengton Mining is advancing its internationalization process with a planned investment of 1.423 billion yuan in its subsidiary [16] - Jingyuan Environmental Protection has won a water treatment project in the power industry worth approximately 143 million yuan [16] - Sturdy Medical's wholly-owned subsidiary plans to invest 2 billion yuan to build a production base for all-cotton spunlace non-woven fabric [16] - Giant Star Legend is deepening its cooperation with Yushu Technology to accelerate the commercialization of the robotics industry [16]

Group 1 - The 2025 6G Development Conference will be held in Beijing on November 13-14 [1] - The Baidu World 2025 Conference has taken place [2] - The EIA has released its monthly Short-Term Energy Outlook report [2] - The IEA has published its monthly Oil Market Report [3] Group 2 - Tencent Holdings, Bilibili, and JD.com have released their earnings reports [4] - The Dow Jones Industrial Average closed at 48,254.82, up 0.68%, marking a new historical high [5] - The Nasdaq Composite Index fell by 0.26% to 23,406.46, while the S&P 500 rose by 0.06% to 6,850.92 [5] - Nvidia shares increased by 0.3%, while major tech stocks like Apple, Google, Amazon, Tesla, Meta, and Oracle saw declines [5] - The financial sector showed strength, with Goldman Sachs up 3.5%, Citigroup up 2.0%, and JPMorgan Chase up 1.5% [6] - AMD shares surged by 9.0% following strong long-term financial guidance [6] - The Nasdaq China Golden Dragon Index fell by 1.46%, with notable declines in Alibaba, Baidu, and JD.com [6] Group 3 - International oil prices dropped significantly, with WTI crude oil down 4.18% to $58.49 per barrel and Brent crude down 3.76% to $62.71 per barrel [6] - International gold prices rose, with COMEX gold futures up 2.38% to $4,204.40 per ounce and silver futures up 5.36% to $53.33 per ounce [6] Group 4 - The People's Bank of China held a meeting to discuss the spirit of the 20th National Congress, emphasizing the importance of a robust central bank system for high-quality financial development [7] - The National Energy Administration released guidelines to promote the integrated development of renewable energy, aiming for significant improvements by 2030 [7] Group 5 - The value of A-shares held by foreign investors has increased from over 3 trillion yuan at the end of 2020 to over 3.5 trillion yuan currently [8] - The State Post Bureau reported that from October 21 to November 11, express delivery companies collected 13.938 billion packages, with a daily average of 634 million, marking a 17.8% increase [8] Group 6 - Alibaba's first self-developed flagship dual-display AI glasses are set to be released on November 27 [9] - Haibo Technology signed a strategic cooperation agreement with CATL [9] - Shengtun Mining plans to invest 1.423 billion yuan in its wholly-owned subsidiary [9] - Century Huatong intends to repurchase 500 million to 1 billion yuan of its shares [9] - Zhejiang Transportation Science and Technology won a project worth 11.103 billion yuan [9] Group 7 - Zhongyuan Securities suggests that the A-share market is at a critical turning point, with cyclical and technology sectors expected to alternate in performance [10]